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Today: Jun 13, 2024

Costco’s CFO departs at 40.

1 min read

TLDR: Richard Galanti, the long-time finance boss of Costco, is stepping down after serving in the role for 40 years. Galanti is known for his dedication to keeping membership fees low and the $1.50 price tag on the company’s hot dog and soda deal. His departure comes as Costco considers increasing membership fees. Costco’s latest earnings report showed strong sales growth and increased profit. Galanti will be succeeded by Gary Millerchip, the current CFO of Kroger. The appointment of Millerchip is a departure from Costco’s usual practice of promoting from within. Analysts expect a potential increase in membership fees, which have remained unchanged since 2017. Galanti’s departure comes shortly after the appointment of a new CEO and the departure of the former boss.